TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Counties
Texas Counties


Texas Towns
A - Z




Columns | Go Far With Kovar

How To Prep for Filing Taxes in 2024

by Taylor Kovar

December 12, 2023

Hi Taylor - In the midst of all the holiday madness, I'm trying to get a head start on tax prep stuff for next year. Any tips for how to make the whole process go more smoothly? Specifically what I should get done before 2023 ends?

Hi Hannah
- Your future self will be very happy with you for getting an early jump on your taxes. Even if you don't have to move money around before 2023 ends, being a little extra prepared makes filing easier and can save you a whole lot of money. Three main things to think about as you prepare:

1. Annual contributions. As a financial advisor, this is the first thing I encourage people to think about. Have you maxed out contributions on your retirement accounts for the year? On top of growing your wealth for retirement, you also want to take care of those tax-free contributions. Whether it's your employee-sponsored 401(k) or your IRA, you want to be all caught up before the year ends. While you're at it, think about any other investments you've made that might allow you to lower your taxable income for 2023.

2. Consider your filing status.
This is something that people don't think about until they're already filing, but it's really helpful to do ahead of time. The standard deduction for a single person is $13,850, and $27,700 for a married couple filing jointly. In the race to get your returns finished before April, that standard deduction might look extra appealing and keep you from tallying up all your potential write-offs. If you start thinking about it before it's time to file, you might discover that you, or you and your spouse, have lots of and lots of worthy deductions that could save you more than the standard deduction. Think about all those little things—the business meals, the home office, the cell phone and internet bills—that you could classify as business expenses. They probably add up to more than you expect, and you could end up getting a good chunk of money back on your return if you itemize all of it.

3. Look at your medical expenses.
Here is another deductible expense that people often overlook. You can't write off every doctor's visit, but you can deduct medical and dental expenses that exceed 7.5% of your adjusted gross income. If you had a big surgery or a lot of hospital visits with co-pays, you might be able to knock a few thousand dollars off your tax bill. It'll be a lot easier to itemize those expenses if you start now, especially if you end up back in the doctor's office in January and lose track of which visits happened when.

Making deductible contributions is a good way to close out the year, but I think the most important part of tax prep is getting all your ducks in a row. If you can use your downtime to itemize everything, you'll be able to make a difference on those tax returns. Good luck, Hannah!
Taylor Kovar

"Go Far With Kovar" December 12, 2023 Column
Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.


Texas Escapes Online Magazine »   Archive Issues » Home »
TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
Texas Counties
Texas Towns A-Z
Texas Ghost Towns

TEXAS REGIONS:
Central Texas North
Central Texas South
Texas Gulf Coast
Texas Panhandle
Texas Hill Country
East Texas
South Texas
West Texas

Courthouses
Jails
Churches
Schoolhouses
Bridges
Theaters
Depots
Rooms with a Past
Monuments
Statues

Gas Stations
Post Offices
Museums
Water Towers
Grain Elevators
Cotton Gins
Lodges
Stores
Banks

Vintage Photos
Historic Trees
Cemeteries
Old Neon
Ghost Signs
Signs
Murals
Gargoyles
Pitted Dates
Cornerstones
Then & Now

Columns: History/Opinion
Texas History
Small Town Sagas
Black History
WWII
Texas Centennial
Ghosts
People
Animals
Food
Music
Art

Books
Cotton
Texas Railroads

Texas Trips
Texas Drives
Texas State Parks
Texas Rivers
Texas Lakes
Texas Forts
Texas Trails
Texas Maps
USA
MEXICO
HOTELS

Site Map
About Us
Privacy Statement
Disclaimer
Contributors
Staff
Contact Us

 
Website Content Copyright Texas Escapes LLC. All Rights Reserved